The unique concept has been inspired by the Reds' 125th anniversary which will be officially marked on 3rd June, when a season-long celebration will begin.
Former captain Gerrard and his former team mates Agger, McManaman and Carragher will complete the team of past and present players who will play on Wednesday 24th May.
Reds boss Klopp said: “If somebody would have told me a few years ago that I would be the manager of Steven Gerrard, I would have said 'Yes!' It's fantastic.
“The best thing you could have seen was the eyes of Stevie when I told him – or asked him, actually, what he would think about it. 'You want me to play?!' I thought I would have to convince him… he said 'Yes, of course, when?'
“It's really nice. He is a 100 per cent football player and of course a 100 per cent LFC player. He is really looking forward to it, and I think the same."